Barclays Forecasts Strong Price Appreciation for 10x Genomics (NASDAQ:TXG) Stock

Key Points

• Barclays has raised its price target for 10x Genomics from $13.00 to $15.00, indicating a potential upside of 24.52% from its previous close, while maintaining an "overweight" rating on the stock.
• Despite the positive price target adjustment, the stock is currently down 5.9% and analysts maintain a consensus rating of "Hold" with an average price target of $13.41.
• Insider trading activities include significant shares sold by the CEO and other executives, indicating a 1.64% reduction in insider ownership following their recent transactions.

10x Genomics (NASDAQ:TXG - Get Free Report) had its target price upped by equities researchers at Barclays from $13.00 to $15.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price objective indicates a potential upside of 22.05% from the stock's current price.

A number of other equities analysts also recently weighed in on TXG. JPMorgan Chase & Co. dropped their price target on shares of 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Stephens reiterated an "overweight" rating and issued a $14.00 price objective on shares of 10x Genomics in a report on Thursday, May 15th. Bank of America upped their price objective on shares of 10x Genomics from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Thursday, June 26th. Wall Street Zen cut shares of 10x Genomics from a "buy" rating to a "hold" rating in a report on Saturday, June 28th. Finally, Morgan Stanley decreased their price objective on shares of 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $13.50.

10x Genomics Stock Performance

Shares of NASDAQ TXG traded down $0.51 during mid-day trading on Friday, reaching $12.29. The company had a trading volume of 4,792,434 shares, compared to its average volume of 3,030,776. 10x Genomics has a twelve month low of $6.78 and a twelve month high of $24.76. The stock has a market capitalization of $1.51 billion, a PE ratio of -17.56 and a beta of 2.03. The stock's 50 day moving average is $11.91 and its 200-day moving average is $10.76.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of ($0.35) by $0.63. 10x Genomics had a negative net margin of 13.13% and a negative return on equity of 13.15%. The business had revenue of $172.91 million for the quarter, compared to the consensus estimate of $139.36 million. During the same period in the prior year, the business posted ($0.32) earnings per share. 10x Genomics's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, sell-side analysts anticipate that 10x Genomics will post -1.43 EPS for the current year.

Insider Activity at 10x Genomics

In related news, CEO Serge Saxonov sold 9,343 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total value of $77,546.90. Following the completion of the sale, the chief executive officer owned 1,083,625 shares in the company, valued at approximately $8,994,087.50. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin J. Hindson sold 7,485 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $62,125.50. Following the completion of the sale, the insider owned 448,374 shares of the company's stock, valued at approximately $3,721,504.20. The trade was a 1.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,872 shares of company stock worth $173,238. Company insiders own 9.39% of the company's stock.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds have recently made changes to their positions in TXG. GAMMA Investing LLC raised its position in 10x Genomics by 81.8% in the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock worth $31,000 after purchasing an additional 1,614 shares in the last quarter. Invesco Ltd. raised its position in 10x Genomics by 21.8% in the fourth quarter. Invesco Ltd. now owns 118,067 shares of the company's stock worth $1,695,000 after purchasing an additional 21,134 shares in the last quarter. Deutsche Bank AG raised its position in 10x Genomics by 35.3% in the fourth quarter. Deutsche Bank AG now owns 10,190 shares of the company's stock worth $146,000 after purchasing an additional 2,657 shares in the last quarter. Cetera Investment Advisers raised its position in 10x Genomics by 22.7% in the fourth quarter. Cetera Investment Advisers now owns 19,898 shares of the company's stock worth $286,000 after purchasing an additional 3,679 shares in the last quarter. Finally, Rhumbline Advisers raised its position in 10x Genomics by 11.4% in the first quarter. Rhumbline Advisers now owns 120,490 shares of the company's stock worth $1,052,000 after purchasing an additional 12,374 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.